You have already decided to get your own place. You have probably picked which one. Now, it’s time to finance that decision. You can take out Mortgage to help realize your goal.
As the preferred Mortgage Broker in San Jose California, we provide loan programs most suited to our clients. To get the best interest rate, make yourself as well-qualified as possible.
After the Great Recession, the lending industry has changed and qualified buyers received premium programs. This is where credit scores are considered. Borrowers who have a good track record and are excellent at risk-taking, scoring high FICO scores, are given the lower interest rates.
Credit scoring models like FICO are used to evaluate one’s loan application. There are ways to ensure you get higher scores. You can work on the following:
Pay your own debts Check your liabilities and see if you can pay them in full until your next loan or if you can pay multiple debts at the same time.
Call creditors and inquire about removing bad marks on your score Past defaults are reflected in your score. You can also send a goodwill letter to remove legitimate negative marks on your credit history.
Raise your credit limits with caution This is not for you to use. Raise your card limits to avoid maxing out your credit.